WPP posts 48% drop in first-half profit

SarahTurner

LONDON (MarketWatch) -- Advertising giant WPP
uk:wwpWPPGY, +3.07%
said Wednesday that first-half attributable profit fell 47.9% to 108.4 million pounds. Revenue rose 28.4% to 4.3 billion pounds. WPP said its results reflect the impact of a significant global economic contraction on most regions and service sectors. "The impact continued to intensify in the second quarter, though results for July did indicate a 'less-worse' picture," WPP said. It added that headcount is now better balanced in comparison to revenue, and the second-half is forecast to show a marked improvement in profitability, both absolutely and in terms of maintaining second half margins at prior year levels.

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